UPDATE: Benchmark Maintains Buy on SBA Communications; Raises PT from $60 to $70

Benchmark reiterated a Buy rating on SBA Communications SBAC and raised its price target from $60 to $70. Benchmark noted, “SBA reported a solid 2Q12 and lifted its guidance slightly. The domestic tower business is doing well with accelerated demand as the big four wireless companies are progressing toward nationwide 4G coverage. All three tower companies have raised guidance. SBA is growing AFFO/share in excess of 20% y/y this year and next. We transition our valuation analysis from 2012 to 2013 which is the primary driver of our price target rising from $60 to $70 per share. We reiterate our Buy rating.” SBA Communications closed at $58.46 on Thursday.